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Clarion Housing Association gives final results of tender offer
By Mary-Katherine Stinson
Lexington, Ky., March 30 – Clarion Housing Association Ltd. announced final results of its tender offer for £342.95 million 6.625% secured loan-backed bonds due 2038 (ISIN: XS0155451866) issued by RSL Finance (No. 1) plc, according to a notice.
The offer was launched March 22 and expired at 11 a.m. ET on March 29.
As of the expiration date, Clarion had received tenders of £118,166,000 in aggregate original nominal amount of the bonds for purchase, which is equivalent to approximately £94,695,455.50 in total outstanding (amortized) nominal amount of the bonds.
The offer was capped at a final acceptance amount of £40 million, equivalent to approximately £32,055,060 in aggregate outstanding (amortized) nominal amount of the bonds.
Pricing occurred on March 30. It was determined that Clarion will purchase all the bonds tendered for a purchase price of 115.948 to yield 4.453%, or at Treasuries plus 105 basis points, subject to a proration factor of 33.871%.
Settlement is expected for March 31.
Based on the pricing, each bondholder will receive a payment of £14.2531 per £1,000 in original nominal amount of bonds accepted and a separate payment representing the balance of the purchase price.
Accrued interest will be paid separately on March 31, which is an interest payment date for the bonds. No accrued interest will be paid in connection with settlement of the offer.
Purchased bonds will be canceled.
After settlement, £170.45 million will remain outstanding.
Nat West Markets plc (+44 20 7678 5222; NWMLiabilityManagement@natwestmarkets.com) is acting as sole dealer manager for the offer.
Kroll Issuer Services Ltd. (+40 20 7704 0880; rslfinance@is.kroll.com; https://deals.is.kroll.com/rslfinance) is the tender agent.
London-based Clarion is the largest housing association in the United Kingdom.
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